Auction comes from the rootword "auctio" which literally means "increase". Auctions have existed for centuries. You might be pleasantly surprised
by earlier forms and descriptions of auctions. The section below on the
history of auctions can probably satisfy some of your historical
curiosities. Auctions are especially useful for the sale of a commodity
of undetermined value. So if a seller is unsure of the price he can get
then auctions are particularly useful. Think of a work of art, which
different people would value differently; while a personal collector
would value it as another jewel in his crown, the state museum curator
would value it in a different manner. An auction often ensures that
the object goes to the person who values it the most.